True Religion to begin hunt for a new CEO
The chief executive of True Religion has stepped down.
The denim firm said John Ermatinger has decided to retire as CEO, a position he has held since 2015. The company appointed board member Chelsea A. Grayson as interim head while it conducts a search for a permanent CEO. Grayson will step down as chair of the audit committee, but will continue to serve on True Religion’s board.
Before joining the board of True Religion last year, Grayson was the CEO of American Apparel. Appointed to the role in fall 2016, she joined the brand in 2014 as general counsel and chief adminstrative officer. (Gildan Activewear put in the winning auction bid for the bankrupt American Apparel brand and some manufacturing equipment in January 2017.)
Prior to American Apparel, Grayson was a partner in the M&A/corporate governance practice groups of Jones Day and Loeb & Loeb.
Since her departure from American Apparel, she has served as a consultant for private-equity funds. Grayson is also a board member at Delta Dental of California and is on the advisory board of Marca Global.
"As a board member for the past year, Chelsea has been instrumental in helping True Religion evolve the brand," said Gene Davis, chair of the True Religion board. "We are fortunate to have someone of Chelsea's caliber and experience step up to lead the company as we continue to innovate our products and customer experience. In addition, we would also like to recognize and thank John for his incredible leadership and dedication to the brand."
True Religion emerged from Chapter 11 bankruptcy protection in October 2017, after filing less than four months earlier.
The denim firm said John Ermatinger has decided to retire as CEO, a position he has held since 2015. The company appointed board member Chelsea A. Grayson as interim head while it conducts a search for a permanent CEO. Grayson will step down as chair of the audit committee, but will continue to serve on True Religion’s board.
Before joining the board of True Religion last year, Grayson was the CEO of American Apparel. Appointed to the role in fall 2016, she joined the brand in 2014 as general counsel and chief adminstrative officer. (Gildan Activewear put in the winning auction bid for the bankrupt American Apparel brand and some manufacturing equipment in January 2017.)
Prior to American Apparel, Grayson was a partner in the M&A/corporate governance practice groups of Jones Day and Loeb & Loeb.
Since her departure from American Apparel, she has served as a consultant for private-equity funds. Grayson is also a board member at Delta Dental of California and is on the advisory board of Marca Global.
"As a board member for the past year, Chelsea has been instrumental in helping True Religion evolve the brand," said Gene Davis, chair of the True Religion board. "We are fortunate to have someone of Chelsea's caliber and experience step up to lead the company as we continue to innovate our products and customer experience. In addition, we would also like to recognize and thank John for his incredible leadership and dedication to the brand."
True Religion emerged from Chapter 11 bankruptcy protection in October 2017, after filing less than four months earlier.